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Crypto

Bitwise lists BAVA Avalanche spot ETF on NYSE, offers 5.4 percent staking rewards

Asset manager Bitwise has listed a spot Avalanche (AVAX) exchange-traded fund, the Bitwise Avalanche ETF, on the New York Stock Exchange. The fund trades under the ticker BAVA and is structured to provide staking rewards using the AVAX it holds. Bitwise put the average Avalanche staking reward at 5.4 percent a year and plans to stake the fund’s holdings through its in-house staking unit, Bitwise Onchain Solutions.

AI & Enterprise

Sony Bank partners with JPYC to test instant purchase of yen stablecoin from bank accounts

Sony Bank is working with stablecoin issuer JPYC to develop a system that lets customers buy JPYC instantly directly from their bank accounts, Cointelegraph reported on Sunday. The project is expected to become a first case of directly linking bank accounts without using crypto exchanges under Japan\'s revised Payment Services Act. Sony Bank\'s Web3 unit BlockBloom will lead the design. JPYC is backed 1:1 by bank deposits and Japanese government bonds.

Crypto

Japan\'s yen moves onto blockchain as major financiers, regulators step up stablecoin push

Japan\'s regulators and related companies are working to overhaul the financial system to boost stablecoins and the Web3 economy, Cointelegraph reported. SBI Group\'s Web3 strategy centres on a yen stablecoin and a blockchain called Streamium for settlement of securities and real assets, while seeking government approval. SBI and Startale Group plan to launch JPYSC to bring carry trades on-chain. Existing yen stablecoin JPYC is small, and retail participation is weak due to crypto taxes.